Q FM Africa's Modern Radio
Indo Zambia Bank has recorded an operating profit of K73.98 million and a net profit of K46.15 million for the financial year ended 31st December 2014.
Speaking during the bank’s 30th annual general meeting cocktail party last evening and presentation of a cheque of K6.77 million as dividend payment to the Zambian government, Indo Bank Board Chairperson Orlean Moyo says the bank has consequently made a tax payment of K25.37 million.
Ms. Moyo says the bank’s share capital and reserves increased to K583.62 million, while the regulatory capital was K573.79 million.
She says this is above the K520 million stipulated under the new capital adequacy framework guidelines of the bank of Zambia.
Ms Moyo notes that although 2014 was a year of several regulatory changes arising from macroeconomic events, the bank performed well and remained resilient as an institution to deliver good growth.
She adds that the aggregate deposits grew from K1.512 billion to K1.645 billion recording a growth of 8.80% while the aggregate gross credit portfolio stood at K799 million as at 31st December 2014.
Ms Moyo further states that the investment portfolio increased substantially from K446.88 million as at 31st March 2013 to K840.43% million as at 31st March 2014,adding that the total business mix of the bank is in excess of K3.2 billion.
And receiving the dividend, Finance Minister Alexander Chikwanda noted that Indo Zambia bank has in its 30 years of operations made enormous strides and quiet significant contribution to the social economic development of the country.
Mr Chikwanda says banks as institutions of development have a key role and mandate to play in the Patriotic Front’s transformative development agenda.
He says Indo Zambia bank has kept its thrust of supporting the government’s employment creation efforts by contributing to the growth and development of the small and medium enterprises including micro lending scheme.
He adds that government’s commitment to maintaining a conducive environment for both local and foreign investors remains irrevocable.
Mr. Chikwanda says government will make every effort to contribute to the reduction in the interest rates by reducing fiscal deficits.